S&P 500 (SPY) Report – 01/20/23

Good morning traders!

The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…

Technology stocks are trading higher this morning after Netflix increased by 7%, despite its quarterly earnings falling short of analysts’ expectations due to higher-than-expected subscriber growth. Alphabet’s stock also increased by 3%, following the announcement that it will let go of 12,000 employees. So far, only 10% of S&P 500 companies have reported quarterly earnings, and the initial trends are pointing to deterioration in profitability. With this week’s economic data increasing the likelihood of a US recession and a global slowdown, officials from the Federal Reserve and the European Central Bank continued to take a hawkish position.

Potential Intraday Resistance Levels:
1/19/23 High of Day: $391.08

Potential Intraday Support Levels:
EOD VWAP: $389.15
1/19/23 Low of Day: $387.26

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Friday Economic Events:

Existing Home Sales 10:00am ET – High Volatility Expected
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
Patrick Harker 9:00am ET
Christopher Waller 1:00pm ET

DailyBubble’s Disclaimer
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.